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Exit Strategy: What Happens to Your Business When You Retire?

People focus so much on the day-to-day of running a business, they forget to plan for what happens to it when they retire, if they end up with a long-term illness or pass away. We are here to teach you why this is important and what the first steps are to making a succession plan or exit strategy.

According to the research firm Cerulli, the average age of financial advisors is 50.9 years, and 43 percent are over age 55.  This, along with advisors nearing retirement not having a succession plan in place, are issues facing the industry.  Many people find themselves planning for not only their retirement, but the retirement of their financial advisor.

At Sweet Financial Services, we have worked hard to overcome this potential problem.  Whether it be at the front desk or when you call in to ask a question about your account, you have probably noticed that we continue to utilize a team approach.  By using this team approach, if something were to happen to any of our team members or partners, there is a plan in place so that clients would continue to receive ongoing service, communication, and innovative wealth planning solutions.

Succession planning has become a focus of many business owners in all industries.  Just as we have created a succession plan for our own firm, we have the tools and resources to help you and your business create a succession plan that works for you.  This area of planning can be highly customized, and tailored to fit your goals as it relates to family equalization if some family members are in the business while others are not.  We can help you address the incorporation of key employees, and the desired involvement of the current owner(s).  The key, of course, is that it works for you and your business.

Please don’t hesitate to contact us. It’s never too late to plan your succession plan and your new journey.



This information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Any opinions are those of Oliver Kollofski and the advisors at Sweet Financial Services and are not necessarily those of RJFS or Raymond James. Expression of opinion are as of this date and are subject to change without notice. You should discuss any tax or legal matters with the appropriate professional.

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